Oh Crap - via IG @cardporn
Author: @cardporn
Similar to what we reported about BGS, it has become apparent that @psacard has also mandated that any card sent to them for any reason in a PSA slab will now be re-accessed and regraded. So if you have a scratched up case, incorrect label, or just want your card reholdered into a new and more secure ‘lighthouse label’ slab, the card will be looked at and regraded again.
And if the card no longer merits the grade assigned on the label, PSA will change (lower) the grade (we haven’t heard of any examples of the grade being increased).
In the latest example we were alerted to, @goldencards3 purchased a 1997 Topps Chrome Tim Duncan PSA 10 card in 2020. As it was in an old slab with an old, wrinkled label, @goldencards3 sent it to PSA for a new slab.
He was obviously shocked to later receive a call from a PSA rep who told him that the card was no longer a PSA 10 and he had to choose to have the card reslabbed as a PSA 5 or AUTHENTIC only. Oh crap indeed.
There reason? Apparent surface issues which @goldencards3 said were there when he originally purchased the card.
This downgrade has obviously severely dropped the card value. @goldencards3 told us he asked the PSA rep if he would be compensated for this drop in value, and they said no. This is despite the fact that PSA purportedly provides ‘drop in grade’ compensation in situations where PSA concludes that the card no longer merits the grade assigned to it (ie: this exact example).
Let’s hope that this was an oversight, and PSA compensates @goldencards3 ASAP, because even @natsturner_cards was confused about this.
We’d also like some clarification from PSA around this process going forward:
1. Is PSA re-accessing ALL CARDS submitted to them now?
2. When does a submitter qualify for PSA’s ‘drop in grade’ compensation?
3. Are there any things that void the ‘drop in grade’ compensation? Eg if the card has faded since it was originally graded due to being left in sunlight by the owner? What about ‘hulking’ on chrome cards?
4. How does PSA determine the ‘market value’ of a card under their ‘drop in grade’ compensation?
Do you have any similar stories to the above? Let us know in the comments.
It seems like PSA responded stating that there was water damage that occurred after the encapsulation process by PSA. Because of this happening post grade it is not covered by the PSA Financial Guarantee of Authenticity and Grade. I suppose if the original owner stored this card in a slab saver to control humidity water damage would have not leaked into the card.
Wow. That is unacceptable. I would be highly distraught if this were to happen to one of my cards. Is there a policy or disclosure with PSA that states they are allowed to do this type of action if not asked for? I’ve sent in a card to BGS for a cracked slab and they returned it with no issues. I do not agree with what PSA did with this card and feel they should be giving some answers on this matter. That is just a shame and hope goldencards3 can get this matter resolved quickly. I will now be hesitating to ever send my cards to PSA knowing that they could possibly do this.
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